Valero Energy (VLO) 10-Q 29 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Sep. 30, 2024
Document transition report	false
Entity file number	001-13175
Entity registrant name	VALERO ENERGY CORP/TX
Entity incorporation, state or country code	DE
Entity tax identification number	74-1828067
Entity address, address line one	One Valero Way
Entity address, city or town	San Antonio
Entity address, state or province	TX
Entity address, postal zip code	78249
City area code	210
Local phone number	345-2000
Title of 12(b) security	Common Stock, par value $0.01 per share
Trading symbol	VLO
Security exchange name	NYSE
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity shell company	false
Entity common stock, shares outstanding		316,585,228
Entity central index key	0001035002
Amendment flag	false
Document fiscal year focus	2024
Document fiscal period focus	Q3
Current fiscal year end date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 5,184	$ 5,424
Receivables, net	11,073	12,525
Inventories	7,048	7,583
Prepaid expenses and other	671	689
Total current assets	23,976	26,221
Property, plant, and equipment, at cost	52,424	51,668
Accumulated depreciation	(22,743)	(21,459)
Property, plant, and equipment, net	29,681	30,209
Deferred charges and other assets, net	6,725	6,626
Total assets	60,382	63,056
Current liabilities:
Current portion of debt and finance lease obligations	1,016	1,406
Accounts payable	11,516	12,567
Accrued expenses	1,190	1,240
Taxes other than income taxes payable	1,400	1,452
Income taxes payable	176	137
Total current liabilities	15,298	16,802
Debt and finance lease obligations, less current portion	9,790	10,118
Deferred income tax liabilities	5,263	5,349
Other long-term liabilities	2,031	2,263
Commitments and contingencies
Valero Energy Corporation stockholders’ equity:
Common stock, $0.01 par value; 1,200,000,000 shares authorized; 673,501,593 and 673,501,593 shares issued	7	7
Additional paid-in capital	6,940	6,901
Treasury stock, at cost; 356,916,683 and 340,199,677 common shares	(27,938)	(25,322)
Retained earnings	47,074	45,630
Accumulated other comprehensive loss	(830)	(870)
Total Valero Energy Corporation stockholders’ equity	25,253	26,346
Noncontrolling interests	2,747	2,178
Total equity	28,000	28,524
Total liabilities and equity	$ 60,382	$ 63,056

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Valero Energy Corporation stockholders’ equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, shares issued (in shares)	673,501,593	673,501,593
Treasury stock, common (in shares)	356,916,683	340,199,677

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	[1]	$ 32,876	$ 38,404	$ 99,125	$ 109,352
Cost of sales:
Cost of materials and other	[2]	29,965	32,385	88,590	91,820
Operating expenses (excluding depreciation and amortization expense reflected below)		1,482	1,578	4,317	4,495
Depreciation and amortization expense		675	671	2,042	1,979
Total cost of sales		32,122	34,634	94,949	98,294
Other operating expenses		3	6	40	18
General and administrative expenses (excluding depreciation and amortization expense reflected below)		234	250	695	703
Depreciation and amortization expense		10	11	34	32
Operating income		507	3,503	3,407	10,305
Other income, net		123	122	389	357
Interest and debt expense, net of capitalized interest		(141)	(149)	(421)	(443)
Income before income tax expense		489	3,476	3,375	10,219
Income tax expense		96	813	726	2,288
Net income		393	2,663	2,649	7,931
Less: Net income attributable to noncontrolling interests		29	41	160	298
Net income attributable to Valero Energy Corporation stockholders		$ 364	$ 2,622	$ 2,489	$ 7,633
Earnings per common share (in dollars per share)		$ 1.14	$ 7.49	$ 7.66	$ 21.22
Weighted-average common shares outstanding (in shares)		318	349	324	359
Earnings per common share – assuming dilution (in dollars per share)		$ 1.14	$ 7.49	$ 7.66	$ 21.21
Weighted-average common shares outstanding – assuming dilution (in shares)		318	349	324	359
Supplemental information:
Includes excise taxes on sales by certain of our foreign operations		$ 1,539	$ 1,468	$ 4,382	$ 4,339
[1] Includes excise taxes on sales by certain of our foreign operations of $1,539 million and $1,468 million for the three months ended September 30, 2024 and 2023, respectively, and $4,382 million and $4,339 million for the nine months ended September 30, 2024 and 2023, respectively. Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $313 million and $266 million for the three months ended September 30, 2024 and 2023, respectively, and $952 million and $900 million for the nine months ended September 30, 2024 and 2023, respectively.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 393	$ 2,663	$ 2,649	$ 7,931
Other comprehensive income (loss):
Foreign currency translation adjustment	326	(314)	62	77
Net loss on pension and other postretirement benefits	0	(12)	(11)	(25)
Net gain (loss) on cash flow hedges	43	(78)	(49)	(68)
Other comprehensive income (loss) before income tax expense (benefit)	369	(404)	2	(16)
Income tax expense (benefit) related to items of other comprehensive income (loss)	5	(11)	(13)	(16)
Other comprehensive income (loss)	364	(393)	15	0
Comprehensive income	757	2,270	2,664	7,931
Less: Comprehensive income attributable to noncontrolling interests	51	2	135	264
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 706	$ 2,268	$ 2,529	$ 7,667

Consolidated Statements of Equi

Consolidated Statements of Equity (unaudited) - USD ($) $ in Millions	Total	Valero Energy Corporation Stockholders' Equity [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Non-controlling Interests [Member]
Balance as of beginning of period at Dec. 31, 2022	$ 25,468	$ 23,561	$ 7	$ 6,863	$ (20,197)	$ 38,247	$ (1,359)	$ 1,907
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	7,931	7,633				7,633		298
Dividends on common stock	(1,106)	(1,106)				(1,106)
Stock-based compensation expense	68	68		68
Transactions in connection with stock-based compensation plans	7	7		(31)	38
Purchases of common stock for treasury	(4,222)	(4,222)			(4,222)
Contributions from noncontrolling interests	75							75
Distributions to noncontrolling interests	(164)							(164)
Other comprehensive income (loss)	0	34					34	(34)
Balance as of end of period at Sep. 30, 2023	28,057	25,975	7	6,900	(24,381)	44,774	(1,325)	2,082
Balance as of beginning of period at Jun. 30, 2023	27,994	25,851	7	6,889	(22,586)	42,512	(971)	2,143
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	2,663	2,622				2,622		41
Dividends on common stock	(360)	(360)				(360)
Stock-based compensation expense	15	15		15
Transactions in connection with stock-based compensation plans	6	6		(4)	10
Purchases of common stock for treasury	(1,805)	(1,805)			(1,805)
Distributions to noncontrolling interests	(63)							(63)
Other comprehensive income (loss)	(393)	(354)					(354)	(39)
Balance as of end of period at Sep. 30, 2023	28,057	25,975	7	6,900	(24,381)	44,774	(1,325)	2,082
Balance as of beginning of period at Dec. 31, 2023	28,524	26,346	7	6,901	(25,322)	45,630	(870)	2,178
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	2,649	2,489				2,489		160
Dividends on common stock	(1,045)	(1,045)				(1,045)
Stock-based compensation expense	63	63		63
Transactions in connection with stock-based compensation plans	1	1		(24)	25
Purchases of common stock for treasury	(2,641)	(2,641)			(2,641)
Contributions from noncontrolling interests	90							90
Distributions to noncontrolling interests	(113)							(113)
Conversion of IEnova Revolver debt to equity (see Notes 4 and 6)	457							457
Other comprehensive income (loss)	15	40					40	(25)
Balance as of end of period at Sep. 30, 2024	28,000	25,253	7	6,940	(27,938)	47,074	(830)	2,747
Balance as of beginning of period at Jun. 30, 2024	28,250	25,443	7	6,929	(27,373)	47,052	(1,172)	2,807
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	393	364				364		29
Dividends on common stock	(342)	(342)				(342)
Stock-based compensation expense	11	11		11
Purchases of common stock for treasury	(565)	(565)			(565)
Distributions to noncontrolling interests	(111)							(111)
Other comprehensive income (loss)	364	342					342	22
Balance as of end of period at Sep. 30, 2024	$ 28,000	$ 25,253	$ 7	$ 6,940	$ (27,938)	$ 47,074	$ (830)	$ 2,747

Consolidated Statements of Eq_2

Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common stock dividends:
Dividends on common stock (in dollars per share)	$ 1.07	$ 1.02	$ 3.21	$ 3.06

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income		$ 2,649	$ 7,931
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		2,076	2,011
Gain on early retirement of debt, net		0	(11)
Deferred income tax expense (benefit)		(78)	32
Changes in current assets and current liabilities		795	(1,695)
Changes in deferred charges and credits and other operating activities, net		171	(278)
Net cash provided by operating activities		5,613	7,990
Cash flows from investing activities:
Purchases of available-for-sale (AFS) debt securities		(17)	(237)
Proceeds from sales and maturities of AFS debt securities		79	220
Other investing activities, net		11	11
Net cash used in investing activities		(1,437)	(1,382)
Cash flows from financing activities:
Premiums paid on early retirement of debt		0	(5)
Purchases of common stock for treasury		(2,616)	(4,180)
Common stock dividend payments		(1,045)	(1,106)
Contributions from noncontrolling interests		90	75
Distributions to noncontrolling interests		(113)	(164)
Other financing activities, net		(1)	3
Net cash used in financing activities		(4,265)	(5,645)
Effect of foreign exchange rate changes on cash		19	6
Net increase (decrease) in cash, cash equivalents, and restricted cash		(70)	969
Cash and cash equivalents at beginning of period		5,424	4,862
Cash, cash equivalents, and restricted cash at end of period	[1]	5,354	5,831
Excluding Variable Interest Entities (VIEs) [Member]
Cash flows from investing activities:
Capital expenditures		(399)	(468)
Deferred turnaround and catalyst cost expenditures		(844)	(665)
Cash flows from financing activities:
Proceeds from debt borrowings		5,200	1,750
Repayments of debt and finance lease obligations		(5,521)	(2,071)
Diamond Green Diesel Holdings LLC (DGD) [Member]
Cash flows from investing activities:
Capital expenditures		(198)	(183)
Deferred turnaround and catalyst cost expenditures		(62)	(56)
Cash flows from financing activities:
Proceeds from debt borrowings		250	500
Repayments of debt and finance lease obligations		(519)	(474)
Other VIEs [Member]
Cash flows from investing activities:
Capital expenditures		(7)	(4)
Cash flows from financing activities:
Proceeds from borrowings of other VIEs		23	86
Repayments of debt and finance lease obligations		$ (13)	$ (59)
[1] Restricted cash is included in prepaid expenses and other in our consolidated balance sheets.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation General The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. The term “DGD,” as used in this report, may refer to Diamond Green Diesel Holdings LLC, its wholly owned consolidated subsidiary, or both of them taken as a whole. These interim unaudited financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these interim unaudited financial statements reflect all adjustments considered necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These interim unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023. The balance sheet as of December 31, 2023 has been derived from our audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023. Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in these interim unaudited financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Accounting Pronouncement Adopted on January 1, 2024 ASU 2023-07 In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , to improve the disclosures about a public entity’s reportable segments primarily through improved disclosures about significant segment expenses and other segment related items. We adopted this ASU effective January 1, 2024 and it did not affect our financial position or our results of operations, but will result in additional disclosures for our annual reporting periods beginning December 31, 2024 and interim reporting periods in 2025. Accounting Pronouncement Not Yet Adopted ASU 2023-09 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to improve annual income tax disclosures by requiring further disaggregation of information in the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This ASU also includes certain other amendments intended to improve the effectiveness of annual income tax disclosures. We expect to adopt this ASU effective January 1, 2025 and the adoption will not affect our financial position or our results of operations, but will result in additional disclosures.

Uncertainty

Uncertainty	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
UNCERTAINTY	2. UNCERTAINTY In September 2022, California adopted Senate Bill No. 1322 (SB 1322), which requires refineries in California to report monthly on the volume and cost of the crude oil they buy, the quantity and price of the wholesale gasoline they sell, and the gross gasoline margin per barrel, among other information. The provisions of SB 1322 were effective January 2023. In March 2023, California adopted Senate Bill No. 2 (such statute, together with any regulations contemplated or issued thereunder, SBx 1-2), which, among other things, (i) authorized the establishment of a maximum gross gasoline refining margin (max margin) and the imposition of a financial penalty for profits above a max margin, (ii) significantly expanded the reporting obligations under SB 1322 and the Petroleum Industry Information Reporting Act of 1980, which include reporting requirements to the California Energy Commission (CEC) for all participants in the petroleum industry supply chain in California (e.g., refiners, marketers, importers, transporters, terminals, producers, renewables producers, pipelines, and ports), (iii) created the Division of Petroleum Market Oversight within the CEC to analyze the data provided under SBx 1-2, and (iv) authorized the CEC to regulate the timing and other aspects of refinery turnaround and maintenance activities in certain instances. SBx 1-2 imposes increased and substantial reporting requirements, which include daily, weekly, monthly, and annual reporting of detailed operational and financial data on all aspects of our operations in California, much of it at the transaction level. The operational data includes our plans for turnaround and maintenance activities at our two California refineries and the manner in which we expect to address the potential impacts on feedstock and product inventories in California as a result of such turnaround and maintenance activities. The provisions of SBx 1-2 became effective June 26, 2023. In September 2023, Governor Newsom directed the CEC to immediately begin the regulatory processes concerning the potential imposition of a penalty for exceeding a max margin and the timing of refinery turnarounds and maintenance. Consequently, in October 2023, the CEC adopted an order instituting an informational proceeding on a max margin and penalty under SBx 1-2, as well as an order initiating rulemaking activity under SBx 1-2. In May 2024, the CEC issued resolutions adopting emergency regulations implementing new and expanded refining margin, refinery maintenance, and marine import reporting requirements, all of which became effective in June 2024. It remains uncertain as to what extent any regulations will address the remaining reporting requirements under SBx 1-2. In September 2024, the CEC held a workshop to explore structures for determining a potential max margin and penalty; however, it remains uncertain whether and when the CEC will decide to set a max margin and penalty. SBx 1-2 also requires that certain California agencies prepare specified reports and assessments, including that the CEC prepare and publish a Transportation Fuels Assessment. In August 2024, following the publication of two CEC staff reports and a joint workshop with the California Air Resources Board, the CEC published a final Commission Report on its Transportation Fuels Assessment, which among other things, proposes various policy options intended to mitigate gasoline price spikes in California, including polices designed to reduce the demand for gasoline, encourage fuel conservation, and allow more active participation and management of the petroleum industry supply chain by the State. It remains uncertain whether and when the State will pursue any of the policy options proposed therein. In September 2024, Governor Newsom held a special legislative session to consider related legislation, Assembly Bill No. 1 (ABx 2-1), regarding minimum inventory requirements and the timing of refinery maintenance and turnarounds, which California adopted in October 2024. Among other matters, ABx 2-1 (i) authorizes the CEC to require that refiners maintain minimum levels of inventories of refined transportation fuels, including any feedstocks and blending components for those fuels, and (ii) provides certain requirements for CEC regulations governing the timing of refinery turnarounds and maintenance under existing SBx 1-2 authority, including that the refiner first make resupply plans or other arrangements to the satisfaction of the CEC’s executive director. We continue to review and analyze the provisions of SBx 1-2 and related legislation, the possible impacts to our refining and marketing operations, and potential impacts on consumers in California. While the CEC has not yet established a max margin, imposed a financial penalty for profits above a max margin, imposed restrictions on turnaround and maintenance activities, imposed minimum inventory levels, or finalized any of the other policy options proposed in its Transportation Fuels Assessment, the potential implementation of a financial penalty, of any restrictions or delays on our ability to undertake turnaround or maintenance activities, of minimum inventory level requirements, or of other undeveloped policy options creates uncertainty due to the potential adverse effects on us. Any adverse effects on our operations or financial performance in California could indicate that the carrying value of our assets in California is not recoverable, which would result in an impairment loss that could be material. In addition, if the circumstances that trigger an impairment loss result in a reduction in the estimated useful lives of the assets, we may be required to recognize an asset retirement obligation that could be material. Other jurisdictions are contemplating similarly focused legislation or actions. The ultimate timing and impacts of SBx 1-2 and any other similarly focused legislation or actions are subject to considerable uncertainty due to a number of factors, including technological and economic feasibility, legal challenges, and potential changes in law, regulation, or policy, and it is not currently possible to predict the ultimate effects of these matters and developments on our financial condition, results of operations, and liquidity. Consequently, we have continued to evaluate strategic alternatives for our operations in California. As a result, we updated our impairment analysis and determined that the carrying value of these assets was recoverable as of September 30, 2024. Future developments from our evaluation of strategic alternatives could significantly impact our asset impairment assumptions and result in an impairment loss that could be material.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following (in millions): September 30, December 31, Refinery feedstocks $ 1,317 $ 2,223 Refined petroleum products and blendstocks 3,976 3,790 Renewable diesel feedstocks and products 1,081 913 Ethanol feedstocks and products 313 313 Materials and supplies 361 344 Inventories $ 7,048 $ 7,583 As of September 30, 2024 and December 31, 2023, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $3.8 billion and $4.4 billion, respectively. Our non-LIFO inventories accounted for $1.4 billion and $1.5 billion of our total inventories as of September 30, 2024 and December 31, 2023, respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	4. DEBT Public Debt In March 2024, we repaid the $167 million outstanding principal balance of our 1.200 percent Senior Notes that matured on March 15, 2024. In February 2023, we used cash on hand to purchase and retire a portion of the following notes (in millions): Debt Purchased and Retired Principal 6.625% Senior Notes due 2037 $ 62 3.650% Senior Notes due 2051 26 4.000% Senior Notes due 2052 45 Various other Valero and Valero Energy Partners LP Senior Notes 66 Total $ 199 Credit Facilities We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions): September 30, 2024 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 November 2027 $ — $ 2 $ 3,998 Accounts receivable sales facility 1,300 July 2025 — n/a 1,300 Committed facilities of VIEs (b): DGD Revolver (c) 400 June 2026 — 60 340 DGD Loan Agreement (d) 100 June 2026 — n/a 100 IEnova Revolver (e) 830 February 2028 329 n/a 501 Uncommitted facilities: Letter of credit facilities n/a n/a n/a 95 n/a ________________________ (a) Letters of credit issued as of September 30, 2024 expire at various times in 2024 through 2026. (b) Creditors of the VIEs do not have recourse against us. (c) The variable interest rate on the unsecured revolving credit facility with a syndicate of financial institutions (the DGD Revolver) was 7.201 percent as of December 31, 2023. (d) The amounts shown for DGD’s unsecured revolving loan agreement with its members (the DGD Loan Agreement) represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation. (e) Central Mexico Terminals (defined in Note 6) has an unsecured revolving credit facility (the IEnova Revolver) with IEnova (defined in Note 6). During the three months ended March 31, 2024, IEnova converted $457 million of outstanding borrowings under this facility to additional equity in Central Mexico Terminals, which resulted in an increase in the noncontrolling interest related to IEnova. The variable interest rate on the IEnova Revolver was 9.182 percent and 9.245 percent as of September 30, 2024 and December 31, 2023, respectively. Borrowings and repayments under our credit facilities were as follows (in millions): Nine Months Ended 2024 2023 Borrowings: Accounts receivable sales facility $ 5,200 $ 1,750 DGD Revolver 150 500 DGD Loan Agreement 100 — IEnova Revolver 23 86 Repayments: Accounts receivable sales facility (5,200) (1,750) DGD Revolver (400) (400) DGD Loan Agreement (100) (25) IEnova Revolver — (55) Other Disclosures “Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Interest and debt expense $ 145 $ 153 $ 438 $ 456 Less: Capitalized interest 4 4 17 13 Interest and debt expense, net of capitalized interest $ 141 $ 149 $ 421 $ 443

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
EQUITY	5. EQUITY Treasury Stock We purchase shares of our outstanding common stock as authorized by our board of directors (Board), including under share purchase programs (described in the table below) and with respect to our employee stock-based compensation plans. During the three and nine months ended September 30, 2024, we purchased for treasury 3,798,836 shares and 17,054,864 shares, respectively. During the three and nine months ended September 30, 2023, we purchased for treasury 12,805,162 shares and 32,219,955 shares, respectively. Our Board authorized us to purchase shares of our outstanding common stock under various programs with no expiration dates as follows (in millions): Program Name Authorization Total Cost Completion of Remaining Available for Purchase as of September 30, September 2023 Program September 15, 2023 $ 2,500 Third quarter of 2024 $ — February 2024 Program February 22, 2024 2,500 n/a 2,080 September 2024 Program September 19, 2024 2,500 n/a 2,500 Common Stock Dividends On October 29, 2024, our Board declared a quarterly cash dividend of $1.07 per common share payable on December 20, 2024 to holders of record at the close of business on November 20, 2024. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended September 30, 2024 2023 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (993) $ (170) $ (9) $ (1,172) $ (774) $ (193) $ (4) $ (971) Other comprehensive income (loss) before reclassifications 326 — 33 359 (315) — (77) (392) Amounts reclassified from accumulated other comprehensive loss — (5) (16) (21) — (7) 47 40 Effect of exchange rates — 4 — 4 — (2) — (2) Other comprehensive income (loss) 326 (1) 17 342 (315) (9) (30) (354) Balance as of end of period $ (667) $ (171) $ 8 $ (830) $ (1,089) $ (202) $ (34) $ (1,325) Nine Months Ended September 30, 2024 2023 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (735) $ (162) $ 27 $ (870) $ (1,168) $ (183) $ (8) $ (1,359) Other comprehensive income (loss) before reclassifications 68 — 18 86 79 — (28) 51 Amounts reclassified from accumulated other comprehensive loss — (12) (37) (49) — (20) 2 (18) Effect of exchange rates — 3 — 3 — 1 — 1 Other comprehensive income (loss) 68 (9) (19) 40 79 (19) (26) 34 Balance as of end of period $ (667) $ (171) $ 8 $ (830) $ (1,089) $ (202) $ (34) $ (1,325)

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	6. VARIABLE INTEREST ENTITIES Consolidated VIEs We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary. As of September 30, 2024, the significant consolidated VIEs included: • DGD, a joint venture with a subsidiary of Darling Ingredients Inc. that owns and operates two plants that process waste and renewable feedstocks (predominantly animal fats, used cooking oils, vegetable oils, and inedible distillers corn oils) into renewable diesel and renewable naphtha; and • Central Mexico Terminals, a collective group of three subsidiaries of Infraestructura Energetica Nova, S.A.P.I. de C.V. (IEnova), which is a Mexican company and indirect subsidiary of Sempra Energy, a U.S. public company. We have terminaling agreements with Central Mexico Terminals that represent variable interests. We do not have an ownership interest in Central Mexico Terminals. The assets of the consolidated VIEs can only be used to settle their own obligations and the creditors of the consolidated VIEs have no recourse to our other assets. We generally do not provide financial guarantees to the VIEs. Although we have provided credit facilities to some of the VIEs in support of their construction or acquisition activities, these transactions are eliminated in consolidation. Our financial position, results of operations, and cash flows are impacted by the performance of the consolidated VIEs, net of intercompany eliminations, to the extent of our ownership interest in each VIE. The following tables present summarized balance sheet information for the significant assets and liabilities of the consolidated VIEs, which are included in our balance sheets (in millions): DGD Central Other Total September 30, 2024 Assets Cash and cash equivalents $ 196 $ — $ 22 $ 218 Other current assets 1,453 9 38 1,500 Property, plant, and equipment, net 3,823 651 67 4,541 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 369 $ 352 $ 4 $ 725 Debt and finance lease obligations, less current portion 649 — — 649 DGD Central Other Total December 31, 2023 Assets Cash and cash equivalents $ 237 $ — $ 23 $ 260 Other current assets 1,520 11 46 1,577 Property, plant, and equipment, net 3,772 665 75 4,512 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 616 $ 808 $ 19 $ 1,443 Debt and finance lease obligations, less current portion 669 — — 669 Nonconsolidated VIEs We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These nonconsolidated VIEs are not material to our financial position or results of operations and are accounted for as equity investments.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	7. EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement 2024 2023 2024 2023 Three months ended September 30 Service cost $ 28 $ 28 $ 1 $ 1 Interest cost 31 30 3 3 Expected return on plan assets (54) (50) — — Amortization of: Net actuarial gain (1) (2) (1) (1) Prior service credit (3) (5) — (1) Settlement loss 5 — — — Net periodic benefit cost $ 6 $ 1 $ 3 $ 2 Nine months ended September 30 Service cost $ 84 $ 84 $ 3 $ 3 Interest cost 94 90 9 9 Expected return on plan assets (161) (151) — — Amortization of: Net actuarial gain (4) (5) (3) (4) Prior service credit (8) (14) — (3) Settlement loss 5 — — — Net periodic benefit cost $ 10 $ 4 $ 9 $ 5 The components of net periodic benefit cost other than the service cost component (i.e., the non-service cost components) are included in “other income, net.”

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	8. EARNINGS PER COMMON SHARE Earnings per common share was computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Earnings per common share: Net income attributable to Valero stockholders $ 364 $ 2,622 $ 2,489 $ 7,633 Less: Income allocated to participating securities 1 8 7 24 Net income available to common stockholders $ 363 $ 2,614 $ 2,482 $ 7,609 Weighted-average common shares outstanding 318 349 324 359 Earnings per common share $ 1.14 $ 7.49 $ 7.66 $ 21.22 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 364 $ 2,622 $ 2,489 $ 7,633 Less: Income allocated to participating securities 1 8 7 24 Net income available to common stockholders $ 363 $ 2,614 $ 2,482 $ 7,609 Weighted-average common shares outstanding 318 349 324 359 Effect of dilutive securities — — — — Weighted-average common shares outstanding – assuming dilution 318 349 324 359 Earnings per common share – assuming dilution $ 1.14 $ 7.49 $ 7.66 $ 21.21 Participating securities include restricted stock and performance awards granted under our 2020 Omnibus Stock Incentive Plan (OSIP) or our 2011 OSIP. Dilutive securities include participating securities as well as outstanding stock options. For the three and nine months ended September 30, 2024 and 2023, we computed earnings per common share – assuming dilution using the two-class method for all dilutive securities.

Revenues and Segment Informatio

Revenues and Segment Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
REVENUES AND SEGMENT INFORMATION	9. REVENUES AND SEGMENT INFORMATION Revenue from Contracts with Customers Disaggregation of Revenue Revenue is presented in the table below under “ Segment Information ” disaggregated by product because this is the level of disaggregation that management has determined to be beneficial to users of our financial statements. Contract Balances Contract balances were as follows (in millions): September 30, December 31, Receivables from contracts with customers, included in receivables, net $ 5,839 $ 7,209 Contract liabilities, included in accrued expenses 57 40 Remaining Performance Obligations We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of September 30, 2024, we have not disclosed the aggregate amount of the transaction price allocated to our remaining performance obligations. Segment Information We have three reportable segments—Refining, Renewable Diesel, and Ethanol. Each segment is a strategic business unit that offers different products and services by employing unique technologies and marketing strategies and whose operations and operating performance are managed and evaluated separately. Operating performance is measured based on the operating income generated by the segment, which includes revenues and expenses that are directly attributable to the management of the respective segment. Intersegment sales are generally derived from transactions made at prevailing market rates. The following is a description of each segment’s business operations. • The Refining segment includes the operations of our petroleum refineries, the associated activities to market our refined petroleum products, and the logistics assets that support our refining operations. The principal products manufactured by our refineries and sold by this segment include gasolines and blendstocks, distillates, and other products. • The Renewable Diesel segment represents the operations of DGD, a consolidated joint venture as discussed in Note 6, and the associated activities to market renewable diesel and renewable naphtha. The principal products manufactured by DGD and sold by this segment are renewable diesel and renewable naphtha. This segment sells some renewable diesel to the Refining segment, which is then sold to that segment’s customers. • The Ethanol segment includes the operations of our ethanol plants and the associated activities to market our ethanol and co-products. The principal products manufactured by our ethanol plants are ethanol and distillers grains. This segment sells some ethanol to the Refining segment for blending into gasoline, which is sold to that segment’s customers as a finished gasoline product. Operations that are not included in any of the reportable segments are included in the corporate category. The following tables reflect information about our operating income, including a reconciliation to our consolidated income before income tax expense, by reportable segment (in millions): Refining Renewable Ethanol Corporate Total Three months ended September 30, 2024 Revenues: Revenues from external customers $ 31,332 $ 632 $ 912 $ — $ 32,876 Intersegment revenues 3 593 235 (831) — Total revenues 31,335 1,225 1,147 (831) 32,876 Cost of sales: Cost of materials and other (a) 28,922 1,029 842 (828) 29,965 Operating expenses (excluding depreciation and amortization expense reflected below) 1,256 92 133 1 1,482 Depreciation and amortization expense 589 69 19 (2) 675 Total cost of sales 30,767 1,190 994 (829) 32,122 Other operating expenses 3 — — — 3 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 234 234 Depreciation and amortization expense — — — 10 10 Operating income by segment $ 565 $ 35 $ 153 $ (246) 507 Other income, net 123 Interest and debt expense, net of capitalized interest (141) Income before income tax expense $ 489 ________________________ See note (a) on page 23 Refining Renewable Ethanol Corporate Total Three months ended September 30, 2023 Revenues: Revenues from external customers $ 36,521 $ 759 $ 1,124 $ — $ 38,404 Intersegment revenues 8 672 310 (990) — Total revenues 36,529 1,431 1,434 (990) 38,404 Cost of sales: Cost of materials and other (a) 31,115 1,169 1,092 (991) 32,385 Operating expenses (excluding depreciation and amortization expense reflected below) 1,366 84 125 3 1,578 Depreciation and amortization expense 597 55 20 (1) 671 Total cost of sales 33,078 1,308 1,237 (989) 34,634 Other operating expenses 6 — — — 6 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 250 250 Depreciation and amortization expense — — — 11 11 Operating income by segment $ 3,445 $ 123 $ 197 $ (262) 3,503 Other income, net 122 Interest and debt expense, net of capitalized interest (149) Income before income tax expense $ 3,476 ________________________ See note (a) on page 23 Refining Renewable Ethanol Corporate Total Nine months ended September 30, 2024 Revenues: Revenues from external customers $ 94,519 $ 1,888 $ 2,718 $ — $ 99,125 Intersegment revenues 8 1,932 654 (2,594) — Total revenues 94,527 3,820 3,372 (2,594) 99,125 Cost of sales: Cost of materials and other (a) 85,528 3,025 2,625 (2,588) 88,590 Operating expenses (excluding depreciation and amortization expense reflected below) 3,659 262 395 1 4,317 Depreciation and amortization expense 1,793 196 57 (4) 2,042 Total cost of sales 90,980 3,483 3,077 (2,591) 94,949 Other operating expenses 13 — 27 — 40 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 695 695 Depreciation and amortization expense — — — 34 34 Operating income by segment $ 3,534 $ 337 $ 268 $ (732) 3,407 Other income, net 389 Interest and debt expense, net of capitalized interest (421) Income before income tax expense $ 3,375 ________________________ See note (a) on page 23 Refining Renewable Ethanol Corporate Total Nine months ended September 30, 2023 Revenues: Revenues from external customers $ 102,924 $ 2,990 $ 3,438 $ — $ 109,352 Intersegment revenues 8 2,367 790 (3,165) — Total revenues 102,932 5,357 4,228 (3,165) 109,352 Cost of sales: Cost of materials and other (a) 87,398 4,143 3,422 (3,143) 91,820 Operating expenses (excluding depreciation and amortization expense reflected below) 3,832 274 383 6 4,495 Depreciation and amortization expense 1,751 172 59 (3) 1,979 Total cost of sales 92,981 4,589 3,864 (3,140) 98,294 Other operating expenses 17 — 1 — 18 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 703 703 Depreciation and amortization expense — — — 32 32 Operating income by segment $ 9,934 $ 768 $ 363 $ (760) 10,305 Other income, net 357 Interest and debt expense, net of capitalized interest (443) Income before income tax expense $ 10,219 ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $313 million and $266 million for the three months ended September 30, 2024 and 2023, respectively, and $952 million and $900 million for the nine months ended September 30, 2024 and 2023, respectively. The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Refining: Gasolines and blendstocks $ 14,361 $ 17,025 $ 43,004 $ 47,302 Distillates 13,855 16,392 42,286 47,222 Other product revenues 3,116 3,104 9,229 8,400 Total Refining revenues 31,332 36,521 94,519 102,924 Renewable Diesel: Renewable diesel 610 739 1,829 2,864 Renewable naphtha 22 20 59 126 Total Renewable Diesel revenues 632 759 1,888 2,990 Ethanol: Ethanol 685 861 1,985 2,522 Distillers grains 227 263 733 916 Total Ethanol revenues 912 1,124 2,718 3,438 Revenues $ 32,876 $ 38,404 $ 99,125 $ 109,352 Total assets by reportable segment were as follows (in millions): September 30, December 31, Refining $ 46,546 $ 49,031 Renewable Diesel 5,761 5,790 Ethanol 1,489 1,549 Corporate and eliminations 6,586 6,686 Total assets $ 60,382 $ 63,056

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	10. SUPPLEMENTAL CASH FLOW INFORMATION In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Nine Months Ended 2024 2023 Decrease (increase) in current assets: Receivables, net $ 1,382 $ (709) Inventories 574 (720) Prepaid expenses and other 265 (40) Increase (decrease) in current liabilities: Accounts payable (1,081) 656 Accrued expenses (93) (31) Taxes other than income taxes payable (114) (222) Income taxes payable (138) (629) Changes in current assets and current liabilities $ 795 $ (1,695) Changes in current assets and current liabilities for the nine months ended September 30, 2024 were primarily due to the following: • The decrease in receivables was due to a decrease in refined petroleum product sales volumes combined with a decrease in related prices in September 2024 compared to December 2023; • The decrease in inventories was primarily due to lower inventory levels in September 2024 compared to December 2023; and • The decrease in accounts payable was due to a decrease in crude oil and other feedstock prices combined with a decrease in related volumes purchased in September 2024 compared to December 2023. Changes in current assets and cu rrent liabilities for the nine months ended September 30, 2023 were primarily due to the following: • The increase in receivables was due to an increase in refined petroleum product prices in September 2023 compared to December 2022; • The increase in inventories was due to an increase in inventory volumes in September 2023 compared to December 2022; • The increase in accounts payable was due to an increase in crude oil and other feedstock prices in September 2023 compared to December 2022; and • The decrease in income taxes payable was primarily due to income tax payments made during the nine months ended September 30, 2023. Cash flows related to interest and income taxes were as follows (in millions): Nine Months Ended 2024 2023 Interest paid in excess of amount capitalized, including interest on finance leases $ 374 $ 372 Income taxes paid, net 835 3,098 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Nine Months Ended September 30, 2024 2023 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 392 $ 87 $ 316 $ 81 Financing cash flows — 173 — 190 Changes in lease balances resulting from new and modified leases 346 312 343 84 Noncash financing activities for the nine months ended September 30, 2024 included the conversion by IEnova of $457 million of outstanding borrowings under the IEnova Revolver to additional equity in Central Mexico Terminals, as described in Note 4. There were no other significant noncash investing and financing activities during the nine months ended September 30, 2024, except as noted in the table above. There were no significant noncash investing and financing activities during the nine months ended September 30, 2023, except as noted in the table above.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of September 30, 2024 and December 31, 2023. We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross in our balance sheets. September 30, 2024 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 951 $ — $ — $ 951 $ (824) $ (54) $ 73 $ — Physical purchase contracts — 1 — 1 n/a n/a 1 n/a Investments of certain benefit plans 85 — 4 89 n/a n/a 89 n/a Investments in AFS debt securities 1 25 — 26 n/a n/a 26 n/a Total $ 1,037 $ 26 $ 4 $ 1,067 $ (824) $ (54) $ 189 Liabilities Commodity derivative contracts $ 883 $ — $ — $ 883 $ (824) $ (59) $ — $ (55) Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Blending program obligations — 30 — 30 n/a n/a 30 n/a Foreign currency contracts 1 — — 1 n/a n/a 1 n/a Total $ 884 $ 35 $ — $ 919 $ (824) $ (59) $ 36 December 31, 2023 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 803 $ — $ — $ 803 $ (642) $ (66) $ 95 $ — Investments of certain benefit plans 76 — 4 80 n/a n/a 80 n/a Investments in AFS debt securities 36 75 — 111 n/a n/a 111 n/a Total $ 915 $ 75 $ 4 $ 994 $ (642) $ (66) $ 286 Liabilities Commodity derivative contracts $ 643 $ — $ — $ 643 $ (642) $ (1) $ — $ (67) Physical purchase contracts — 6 — 6 n/a n/a 6 n/a Blending program obligations — 58 — 58 n/a n/a 58 n/a Foreign currency contracts 7 — — 7 n/a n/a 7 n/a Total $ 650 $ 64 $ — $ 714 $ (642) $ (1) $ 71 A description of our assets and liabilities recognized at fair value along with the valuation methods and inputs we used to develop their fair value measurements are as follows: • Commodity derivative contracts consist primarily of exchange-traded futures, which are used to reduce the impact of price volatility on our results of operations and cash flows as discussed in Note 12. These contracts are measured at fair value using a market approach based on quoted prices from the commodity exchange and are categorized in Level 1 of the fair value hierarchy. • Physical purchase contracts represent the fair value of fixed-price corn purchase contracts. The fair values of these purchase contracts are measured using a market approach based on quoted prices from the commodity exchange or an independent pricing service and are categorized in Level 2 of the fair value hierarchy. • Blending program obligations represent our liability for the purchase of compliance credits needed to satisfy our blending obligations under various government and regulatory blending programs, such as the U.S. Environmental Protection Agency’s (EPA) Renewable Fuel Standard (RFS), the California Low Carbon Fuel Standard (LCFS), the Canada Clean Fuel Regulations, and similar programs in other jurisdictions in which we operate (collectively, the Renewable and Low-Carbon Fuel Programs). The blending program obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based on quoted prices from an independent pricing service. • Investments of certain benefit plans consist of investment securities held by trusts for the purpose of satisfying a portion of our obligations under certain U.S. nonqualified benefit plans. The plan assets categorized in Level 1 of the fair value hierarchy are measured at fair value using a market approach based on quoted prices from national securities exchanges. The plan assets categorized in Level 3 of the fair value hierarchy represent insurance contracts, the fair value of which is provided by the insurer. • Investments in AFS debt securities consist primarily of commercial paper and have maturities within one year. The securities categorized in Level 1 are measured at fair value using a market approach based on quoted prices from national securities exchanges and the securities categorized in Level 2 are measured at fair value using a market approach based on quoted prices from independent pricing services. The amortized cost basis of the securities approximates fair value. Realized and unrealized gains and losses were de minimis for the three and nine months ended September 30, 2024 and 2023. • Foreign currency contracts consist of foreign currency exchange and purchase contracts and foreign currency swap agreements related to our foreign operations to manage our exposure to exchange rate fluctuations on transactions denominated in currencies other than the local (functional) currencies of our operations. These contracts are valued based on quoted foreign currency exchange rates and are categorized in Level 1 of the fair value hierarchy. Nonrecurring Fair Value Measurements There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of September 30, 2024 and December 31, 2023. Financial Instruments Our financial instruments include cash and cash equivalents, restricted cash, investments in AFS debt securities, receivables, payables, debt obligations, operating and finance lease obligations, commodity derivative contracts, and foreign currency contracts. The estimated fair values of cash and cash equivalents, restricted cash, receivables, payables, and operating and finance lease obligations approximate their carrying amounts; the carrying value and fair value of debt is shown in the table below (in millions). September 30, 2024 December 31, 2023 Fair Value Carrying Fair Carrying Fair Financial liabilities: Debt (excluding finance lease obligations) Level 2 $ 8,355 $ 8,372 $ 9,218 $ 9,109 Investments in AFS debt securities, commodity derivative contracts, and foreign currency contracts are recognized at their fair values as shown in “ Recurring Fair Value Measurements ” above.

Price Risk Management Activitie

Price Risk Management Activities	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	12. PRICE RISK MANAGEMENT ACTIVITIES General We are exposed to market risks primarily related to the volatility in the price of commodities, foreign currency exchange rates, and the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, and foreign currency exchange and purchase contracts, as described below under “ Risk Management Activities by Type of Risk .” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 11), as summarized below under “ Fair Values of Derivative Instruments. ” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “ Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) .” Risk Management Activities by Type of Risk Commodity Price Risk We are exposed to market risks related to the volatility in the price of feedstocks (primarily crude oil, waste and renewable feedstocks, and corn); the products we produce; and natural gas and electricity used in our operations. To reduce the impact of price volatility on our results of operations and cash flows, we use commodity derivative instruments, such as futures and options. Our positions in commodity derivative instruments are monitored and managed on a daily basis by our risk control group to ensure compliance with our stated risk management policy that is periodically reviewed with our Board and/or relevant Board committee. We primarily use commodity derivative instruments as cash flow hedges and economic hedges. Our objectives for entering into each type of hedge is described below. • Cash flow hedges – The objective of our cash flow hedges is to lock in the price of forecasted purchases and/or product sales at existing market prices that we deem favorable. • Economic hedges – Our objectives for holding economic hedges are to (i) manage price volatility in certain feedstock and product inventories and (ii) lock in the price of forecasted purchases and/or product sales at existing market prices that we deem favorable. As of September 30, 2024, we had the following outstanding commodity derivative instruments that were used as cash flow hedges and economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except corn contracts that are presented in thousands of bushels). Notional Contract 2024 2025 Derivatives designated as cash flow hedges: Refined petroleum products: Futures – short 3,726 — Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 106,763 19,548 Futures – short 96,817 16,645 Options – long 300 — Options – short 300 — Corn: Futures – long 47,650 465 Futures – short 61,985 8,155 Physical contracts – long 14,333 7,873 Foreign Currency Risk We are exposed to exchange rate fluctuations on transactions related to our foreign operations that are denominated in currencies other than the local (functional) currencies of our operations. To manage our exposure to these exchange rate fluctuations, we often use foreign currency contracts. These contracts are not designated as hedging instruments for accounting purposes and therefore are classified as economic hedges. As of September 30, 2024, we had foreign currency contracts to purchase $328 million of U.S. dollars. All of these commitments matured on or before October 25, 2024. Renewable and Low-Carbon Fuel Programs Price Risk We are exposed to market risk related to the volatility in the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. To manage this risk, we enter into contracts to purchase these credits. Some of these contracts are derivative instruments; however, we elect the normal purchase exception and do not record these contracts at their fair values. The Renewable and Low-Carbon Fuel Programs require us to blend a certain volume of renewable and low-carbon fuels into the petroleum-based transportation fuels we produce in, or import into, the respective jurisdiction to be consumed therein based on annual quotas. To the degree we are unable to blend at the required quotas, we must purchase compliance credits (primarily Renewable Identification Numbers (RINs)). The cost of meeting our credit obligations under the Renewable and Low-Carbon Fuel Programs was $156 million and $438 million for the three months ended September 30, 2024 and 2023, respectively, and $535 million and $1.2 billion for the nine months ended September 30, 2024 and 2023, respectively. These amounts are reflected in cost of materials and other. Fair Values of Derivative Instruments The following table provides information about the fair values of our derivative instruments as of September 30, 2024 and December 31, 2023 (in millions) and the line items in our balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments. As indicated in Note 11, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts: Balance Sheet September 30, 2024 December 31, 2023 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 78 $ 15 $ 141 $ 34 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 873 $ 868 $ 662 $ 609 Physical purchase contracts Inventories 1 5 — 6 Foreign currency contracts Accrued expenses — 1 — 7 Total $ 874 $ 874 $ 662 $ 622 Market Risk Our price risk management activities involve the receipt or payment of fixed price commitments into the future. These transactions give rise to market risk, which is the risk that future changes in market conditions may make an instrument less valuable. We closely monitor and manage our exposure to market risk on a daily basis in accordance with policies that are periodically reviewed with our Board and/or relevant Board committee. Market risks are monitored by our risk control group to ensure compliance with our stated risk management policy. We do not require any collateral or other security to support derivative instruments into which we enter. We also do not have any derivative instruments that require us to maintain a minimum investment-grade credit rating. Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) The following table provides information about the gain (loss) recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions): Derivatives in Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended Nine Months Ended 2024 2023 2024 2023 Commodity contracts: Gain (loss) recognized in other comprehensive income (loss) n/a $ 83 $ (197) $ 45 $ (71) Gain (loss) reclassified from accumulated other comprehensive loss into income Revenues 40 (119) 94 (3) For cash flow hedges, no component of any derivative instrument’s gain or loss was excluded from the assessment of hedge effectiveness for the three and nine months ended September 30, 2024 and 2023. For the three and nine months ended September 30, 2024 and 2023, cash flow hedges primarily related to forecasted sales of renewable diesel. As of September 30, 2024, the estimated deferred after-tax gain that is expected to be reclassified into revenues within the next 12 months was not material. The changes in accumulated other comprehensive loss by component, net of tax, for the three and nine months ended September 30, 2024 and 2023 are described in Note 5. The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our economic hedges and our foreign currency hedges and the line items in our statements of income in which such gains (losses) are reflected (in millions): Derivatives Not Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended Nine Months Ended 2024 2023 2024 2023 Commodity contracts Revenues $ (16) $ (2) $ (23) $ (19) Commodity contracts Cost of materials (9) (48) (66) 126 Commodity contracts Operating expenses — — — 1 Foreign currency contracts Cost of materials (17) 19 2 (1)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income attributable to Valero stockholders	$ 364	$ 2,622	$ 2,489	$ 7,633

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation General The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. The term “DGD,” as used in this report, may refer to Diamond Green Diesel Holdings LLC, its wholly owned consolidated subsidiary, or both of them taken as a whole. These interim unaudited financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these interim unaudited financial statements reflect all adjustments considered necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These interim unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023. The balance sheet as of December 31, 2023 has been derived from our audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in these interim unaudited financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
Accounting Pronouncements Adopted and Not Yet Adopted	Accounting Pronouncement Adopted on January 1, 2024 ASU 2023-07 In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , to improve the disclosures about a public entity’s reportable segments primarily through improved disclosures about significant segment expenses and other segment related items. We adopted this ASU effective January 1, 2024 and it did not affect our financial position or our results of operations, but will result in additional disclosures for our annual reporting periods beginning December 31, 2024 and interim reporting periods in 2025. Accounting Pronouncement Not Yet Adopted ASU 2023-09 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to improve annual income tax disclosures by requiring further disaggregation of information in the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This ASU also includes certain other amendments intended to improve the effectiveness of annual income tax disclosures. We expect to adopt this ASU effective January 1, 2025 and the adoption will not affect our financial position or our results of operations, but will result in additional disclosures.
Variable interest entities	We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary. We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These nonconsolidated VIEs are not material to our financial position or results of operations and are accounted for as equity investments.
Offsetting fair value amounts of commodity derivative contracts	We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross in our balance sheets.
Derivatives	We are exposed to market risks primarily related to the volatility in the price of commodities, foreign currency exchange rates, and the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, and foreign currency exchange and purchase contracts, as described below under “ Risk Management Activities by Type of Risk .” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 11), as summarized below under “ Fair Values of Derivative Instruments. ” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “ Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) .”
Derivative instruments collateral requirements	We do not require any collateral or other security to support derivative instruments into which we enter.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in millions): September 30, December 31, Refinery feedstocks $ 1,317 $ 2,223 Refined petroleum products and blendstocks 3,976 3,790 Renewable diesel feedstocks and products 1,081 913 Ethanol feedstocks and products 313 313 Materials and supplies 361 344 Inventories $ 7,048 $ 7,583

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt Purchased and Retired	In February 2023, we used cash on hand to purchase and retire a portion of the following notes (in millions): Debt Purchased and Retired Principal 6.625% Senior Notes due 2037 $ 62 3.650% Senior Notes due 2051 26 4.000% Senior Notes due 2052 45 Various other Valero and Valero Energy Partners LP Senior Notes 66 Total $ 199
Schedule of Credit Facilities	We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions): September 30, 2024 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 November 2027 $ — $ 2 $ 3,998 Accounts receivable sales facility 1,300 July 2025 — n/a 1,300 Committed facilities of VIEs (b): DGD Revolver (c) 400 June 2026 — 60 340 DGD Loan Agreement (d) 100 June 2026 — n/a 100 IEnova Revolver (e) 830 February 2028 329 n/a 501 Uncommitted facilities: Letter of credit facilities n/a n/a n/a 95 n/a ________________________ (a) Letters of credit issued as of September 30, 2024 expire at various times in 2024 through 2026. (b) Creditors of the VIEs do not have recourse against us. (c) The variable interest rate on the unsecured revolving credit facility with a syndicate of financial institutions (the DGD Revolver) was 7.201 percent as of December 31, 2023. (d) The amounts shown for DGD’s unsecured revolving loan agreement with its members (the DGD Loan Agreement) represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation. (e) Central Mexico Terminals (defined in Note 6) has an unsecured revolving credit facility (the IEnova Revolver) with IEnova (defined in Note 6). During the three months ended March 31, 2024, IEnova converted $457 million of outstanding borrowings under this facility to additional equity in Central Mexico Terminals, which resulted in an increase in the noncontrolling interest related to IEnova. The variable interest rate on the IEnova Revolver was 9.182 percent and 9.245 percent as of September 30, 2024 and December 31, 2023, respectively. Borrowings and repayments under our credit facilities were as follows (in millions): Nine Months Ended 2024 2023 Borrowings: Accounts receivable sales facility $ 5,200 $ 1,750 DGD Revolver 150 500 DGD Loan Agreement 100 — IEnova Revolver 23 86 Repayments: Accounts receivable sales facility (5,200) (1,750) DGD Revolver (400) (400) DGD Loan Agreement (100) (25) IEnova Revolver — (55)
Schedule of Interest and Debt Expense, Net of Capitalized Interest	“Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Interest and debt expense $ 145 $ 153 $ 438 $ 456 Less: Capitalized interest 4 4 17 13 Interest and debt expense, net of capitalized interest $ 141 $ 149 $ 421 $ 443

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Share Repurchases	Our Board authorized us to purchase shares of our outstanding common stock under various programs with no expiration dates as follows (in millions): Program Name Authorization Total Cost Completion of Remaining Available for Purchase as of September 30, September 2023 Program September 15, 2023 $ 2,500 Third quarter of 2024 $ — February 2024 Program February 22, 2024 2,500 n/a 2,080 September 2024 Program September 19, 2024 2,500 n/a 2,500
Schedule of Changes in Components of Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended September 30, 2024 2023 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (993) $ (170) $ (9) $ (1,172) $ (774) $ (193) $ (4) $ (971) Other comprehensive income (loss) before reclassifications 326 — 33 359 (315) — (77) (392) Amounts reclassified from accumulated other comprehensive loss — (5) (16) (21) — (7) 47 40 Effect of exchange rates — 4 — 4 — (2) — (2) Other comprehensive income (loss) 326 (1) 17 342 (315) (9) (30) (354) Balance as of end of period $ (667) $ (171) $ 8 $ (830) $ (1,089) $ (202) $ (34) $ (1,325) Nine Months Ended September 30, 2024 2023 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (735) $ (162) $ 27 $ (870) $ (1,168) $ (183) $ (8) $ (1,359) Other comprehensive income (loss) before reclassifications 68 — 18 86 79 — (28) 51 Amounts reclassified from accumulated other comprehensive loss — (12) (37) (49) — (20) 2 (18) Effect of exchange rates — 3 — 3 — 1 — 1 Other comprehensive income (loss) 68 (9) (19) 40 79 (19) (26) 34 Balance as of end of period $ (667) $ (171) $ 8 $ (830) $ (1,089) $ (202) $ (34) $ (1,325)

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Balance Sheet Information of Consolidated VIEs	The following tables present summarized balance sheet information for the significant assets and liabilities of the consolidated VIEs, which are included in our balance sheets (in millions): DGD Central Other Total September 30, 2024 Assets Cash and cash equivalents $ 196 $ — $ 22 $ 218 Other current assets 1,453 9 38 1,500 Property, plant, and equipment, net 3,823 651 67 4,541 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 369 $ 352 $ 4 $ 725 Debt and finance lease obligations, less current portion 649 — — 649 DGD Central Other Total December 31, 2023 Assets Cash and cash equivalents $ 237 $ — $ 23 $ 260 Other current assets 1,520 11 46 1,577 Property, plant, and equipment, net 3,772 665 75 4,512 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 616 $ 808 $ 19 $ 1,443 Debt and finance lease obligations, less current portion 669 — — 669

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Schedule of Periodic Benefit Cost Related to Our Defined Benefit Plans, Net	The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement 2024 2023 2024 2023 Three months ended September 30 Service cost $ 28 $ 28 $ 1 $ 1 Interest cost 31 30 3 3 Expected return on plan assets (54) (50) — — Amortization of: Net actuarial gain (1) (2) (1) (1) Prior service credit (3) (5) — (1) Settlement loss 5 — — — Net periodic benefit cost $ 6 $ 1 $ 3 $ 2 Nine months ended September 30 Service cost $ 84 $ 84 $ 3 $ 3 Interest cost 94 90 9 9 Expected return on plan assets (161) (151) — — Amortization of: Net actuarial gain (4) (5) (3) (4) Prior service credit (8) (14) — (3) Settlement loss 5 — — — Net periodic benefit cost $ 10 $ 4 $ 9 $ 5

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Common Share, Basic and Diluted	Earnings per common share was computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Earnings per common share: Net income attributable to Valero stockholders $ 364 $ 2,622 $ 2,489 $ 7,633 Less: Income allocated to participating securities 1 8 7 24 Net income available to common stockholders $ 363 $ 2,614 $ 2,482 $ 7,609 Weighted-average common shares outstanding 318 349 324 359 Earnings per common share $ 1.14 $ 7.49 $ 7.66 $ 21.22 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 364 $ 2,622 $ 2,489 $ 7,633 Less: Income allocated to participating securities 1 8 7 24 Net income available to common stockholders $ 363 $ 2,614 $ 2,482 $ 7,609 Weighted-average common shares outstanding 318 349 324 359 Effect of dilutive securities — — — — Weighted-average common shares outstanding – assuming dilution 318 349 324 359 Earnings per common share – assuming dilution $ 1.14 $ 7.49 $ 7.66 $ 21.21

Revenues and Segment Informat_2

Revenues and Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Contract Balances	Contract balances were as follows (in millions): September 30, December 31, Receivables from contracts with customers, included in receivables, net $ 5,839 $ 7,209 Contract liabilities, included in accrued expenses 57 40
Schedule of Segment Information For Our Reportable Segments	The following tables reflect information about our operating income, including a reconciliation to our consolidated income before income tax expense, by reportable segment (in millions): Refining Renewable Ethanol Corporate Total Three months ended September 30, 2024 Revenues: Revenues from external customers $ 31,332 $ 632 $ 912 $ — $ 32,876 Intersegment revenues 3 593 235 (831) — Total revenues 31,335 1,225 1,147 (831) 32,876 Cost of sales: Cost of materials and other (a) 28,922 1,029 842 (828) 29,965 Operating expenses (excluding depreciation and amortization expense reflected below) 1,256 92 133 1 1,482 Depreciation and amortization expense 589 69 19 (2) 675 Total cost of sales 30,767 1,190 994 (829) 32,122 Other operating expenses 3 — — — 3 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 234 234 Depreciation and amortization expense — — — 10 10 Operating income by segment $ 565 $ 35 $ 153 $ (246) 507 Other income, net 123 Interest and debt expense, net of capitalized interest (141) Income before income tax expense $ 489 ________________________ See note (a) on page 23 Refining Renewable Ethanol Corporate Total Three months ended September 30, 2023 Revenues: Revenues from external customers $ 36,521 $ 759 $ 1,124 $ — $ 38,404 Intersegment revenues 8 672 310 (990) — Total revenues 36,529 1,431 1,434 (990) 38,404 Cost of sales: Cost of materials and other (a) 31,115 1,169 1,092 (991) 32,385 Operating expenses (excluding depreciation and amortization expense reflected below) 1,366 84 125 3 1,578 Depreciation and amortization expense 597 55 20 (1) 671 Total cost of sales 33,078 1,308 1,237 (989) 34,634 Other operating expenses 6 — — — 6 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 250 250 Depreciation and amortization expense — — — 11 11 Operating income by segment $ 3,445 $ 123 $ 197 $ (262) 3,503 Other income, net 122 Interest and debt expense, net of capitalized interest (149) Income before income tax expense $ 3,476 ________________________ See note (a) on page 23 Refining Renewable Ethanol Corporate Total Nine months ended September 30, 2024 Revenues: Revenues from external customers $ 94,519 $ 1,888 $ 2,718 $ — $ 99,125 Intersegment revenues 8 1,932 654 (2,594) — Total revenues 94,527 3,820 3,372 (2,594) 99,125 Cost of sales: Cost of materials and other (a) 85,528 3,025 2,625 (2,588) 88,590 Operating expenses (excluding depreciation and amortization expense reflected below) 3,659 262 395 1 4,317 Depreciation and amortization expense 1,793 196 57 (4) 2,042 Total cost of sales 90,980 3,483 3,077 (2,591) 94,949 Other operating expenses 13 — 27 — 40 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 695 695 Depreciation and amortization expense — — — 34 34 Operating income by segment $ 3,534 $ 337 $ 268 $ (732) 3,407 Other income, net 389 Interest and debt expense, net of capitalized interest (421) Income before income tax expense $ 3,375 ________________________ See note (a) on page 23 Refining Renewable Ethanol Corporate Total Nine months ended September 30, 2023 Revenues: Revenues from external customers $ 102,924 $ 2,990 $ 3,438 $ — $ 109,352 Intersegment revenues 8 2,367 790 (3,165) — Total revenues 102,932 5,357 4,228 (3,165) 109,352 Cost of sales: Cost of materials and other (a) 87,398 4,143 3,422 (3,143) 91,820 Operating expenses (excluding depreciation and amortization expense reflected below) 3,832 274 383 6 4,495 Depreciation and amortization expense 1,751 172 59 (3) 1,979 Total cost of sales 92,981 4,589 3,864 (3,140) 98,294 Other operating expenses 17 — 1 — 18 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 703 703 Depreciation and amortization expense — — — 32 32 Operating income by segment $ 9,934 $ 768 $ 363 $ (760) 10,305 Other income, net 357 Interest and debt expense, net of capitalized interest (443) Income before income tax expense $ 10,219 ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $313 million and $266 million for the three months ended September 30, 2024 and 2023, respectively, and $952 million and $900 million for the nine months ended September 30, 2024 and 2023, respectively. The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Refining: Gasolines and blendstocks $ 14,361 $ 17,025 $ 43,004 $ 47,302 Distillates 13,855 16,392 42,286 47,222 Other product revenues 3,116 3,104 9,229 8,400 Total Refining revenues 31,332 36,521 94,519 102,924 Renewable Diesel: Renewable diesel 610 739 1,829 2,864 Renewable naphtha 22 20 59 126 Total Renewable Diesel revenues 632 759 1,888 2,990 Ethanol: Ethanol 685 861 1,985 2,522 Distillers grains 227 263 733 916 Total Ethanol revenues 912 1,124 2,718 3,438 Revenues $ 32,876 $ 38,404 $ 99,125 $ 109,352 Total assets by reportable segment were as follows (in millions): September 30, December 31, Refining $ 46,546 $ 49,031 Renewable Diesel 5,761 5,790 Ethanol 1,489 1,549 Corporate and eliminations 6,586 6,686 Total assets $ 60,382 $ 63,056

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flows, Supplemental Disclosures	In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Nine Months Ended 2024 2023 Decrease (increase) in current assets: Receivables, net $ 1,382 $ (709) Inventories 574 (720) Prepaid expenses and other 265 (40) Increase (decrease) in current liabilities: Accounts payable (1,081) 656 Accrued expenses (93) (31) Taxes other than income taxes payable (114) (222) Income taxes payable (138) (629) Changes in current assets and current liabilities $ 795 $ (1,695) Cash flows related to interest and income taxes were as follows (in millions): Nine Months Ended 2024 2023 Interest paid in excess of amount capitalized, including interest on finance leases $ 374 $ 372 Income taxes paid, net 835 3,098 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Nine Months Ended September 30, 2024 2023 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 392 $ 87 $ 316 $ 81 Financing cash flows — 173 — 190 Changes in lease balances resulting from new and modified leases 346 312 343 84

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis	The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of September 30, 2024 and December 31, 2023. We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross in our balance sheets. September 30, 2024 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 951 $ — $ — $ 951 $ (824) $ (54) $ 73 $ — Physical purchase contracts — 1 — 1 n/a n/a 1 n/a Investments of certain benefit plans 85 — 4 89 n/a n/a 89 n/a Investments in AFS debt securities 1 25 — 26 n/a n/a 26 n/a Total $ 1,037 $ 26 $ 4 $ 1,067 $ (824) $ (54) $ 189 Liabilities Commodity derivative contracts $ 883 $ — $ — $ 883 $ (824) $ (59) $ — $ (55) Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Blending program obligations — 30 — 30 n/a n/a 30 n/a Foreign currency contracts 1 — — 1 n/a n/a 1 n/a Total $ 884 $ 35 $ — $ 919 $ (824) $ (59) $ 36 December 31, 2023 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 803 $ — $ — $ 803 $ (642) $ (66) $ 95 $ — Investments of certain benefit plans 76 — 4 80 n/a n/a 80 n/a Investments in AFS debt securities 36 75 — 111 n/a n/a 111 n/a Total $ 915 $ 75 $ 4 $ 994 $ (642) $ (66) $ 286 Liabilities Commodity derivative contracts $ 643 $ — $ — $ 643 $ (642) $ (1) $ — $ (67) Physical purchase contracts — 6 — 6 n/a n/a 6 n/a Blending program obligations — 58 — 58 n/a n/a 58 n/a Foreign currency contracts 7 — — 7 n/a n/a 7 n/a Total $ 650 $ 64 $ — $ 714 $ (642) $ (1) $ 71
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments	The estimated fair values of cash and cash equivalents, restricted cash, receivables, payables, and operating and finance lease obligations approximate their carrying amounts; the carrying value and fair value of debt is shown in the table below (in millions). September 30, 2024 December 31, 2023 Fair Value Carrying Fair Carrying Fair Financial liabilities: Debt (excluding finance lease obligations) Level 2 $ 8,355 $ 8,372 $ 9,218 $ 9,109

Price Risk Management Activit_2

Price Risk Management Activities (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Risk Management Activities by Type of Risk	As of September 30, 2024, we had the following outstanding commodity derivative instruments that were used as cash flow hedges and economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except corn contracts that are presented in thousands of bushels). Notional Contract 2024 2025 Derivatives designated as cash flow hedges: Refined petroleum products: Futures – short 3,726 — Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 106,763 19,548 Futures – short 96,817 16,645 Options – long 300 — Options – short 300 — Corn: Futures – long 47,650 465 Futures – short 61,985 8,155 Physical contracts – long 14,333 7,873
Schedule of Fair Values of Derivative Instruments	The following table provides information about the fair values of our derivative instruments as of September 30, 2024 and December 31, 2023 (in millions) and the line items in our balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments. As indicated in Note 11, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts: Balance Sheet September 30, 2024 December 31, 2023 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 78 $ 15 $ 141 $ 34 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 873 $ 868 $ 662 $ 609 Physical purchase contracts Inventories 1 5 — 6 Foreign currency contracts Accrued expenses — 1 — 7 Total $ 874 $ 874 $ 662 $ 622
Schedule of Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss)	The following table provides information about the gain (loss) recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions): Derivatives in Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended Nine Months Ended 2024 2023 2024 2023 Commodity contracts: Gain (loss) recognized in other comprehensive income (loss) n/a $ 83 $ (197) $ 45 $ (71) Gain (loss) reclassified from accumulated other comprehensive loss into income Revenues 40 (119) 94 (3) The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our economic hedges and our foreign currency hedges and the line items in our statements of income in which such gains (losses) are reflected (in millions): Derivatives Not Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended Nine Months Ended 2024 2023 2024 2023 Commodity contracts Revenues $ (16) $ (2) $ (23) $ (19) Commodity contracts Cost of materials (9) (48) (66) 126 Commodity contracts Operating expenses — — — 1 Foreign currency contracts Cost of materials (17) 19 2 (1)

Uncertainty (Details)

Uncertainty (Details)	9 Months Ended
	Sep. 30, 2024 refinery
California [Member]
Uncertainty (Textual)
Number of refineries	2

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Schedule of Inventories
Refinery feedstocks	$ 1,317	$ 2,223
Refined petroleum products and blendstocks	3,976	3,790
Renewable diesel feedstocks and products	1,081	913
Ethanol feedstocks and products	313	313
Materials and supplies	361	344
Inventories	$ 7,048	$ 7,583

Inventories (Details) (Narrativ

Inventories (Details) (Narrative) - USD ($) $ in Billions	Sep. 30, 2024	Dec. 31, 2023
Inventories (Textual)
Excess of market value over carrying amount of LIFO inventories	$ 3.8	$ 4.4
Amount of non-LIFO inventory	$ 1.4	$ 1.5

Debt, Public Debt (Details)

Debt, Public Debt (Details) - Senior Notes [Member] - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2024	Feb. 28, 2023
Debt Purchased and Retired
Debt purchased and retired amount		$ 199
1.200% Valero Senior Notes due 2024 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)	1.20%
Public Debt (Textual)
Repayments of senior debt	$ 167
Interest rate of notes (percent)	1.20%
6.625% Valero Senior Notes due 2037 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)		6.625%
Debt purchased and retired amount		$ 62
Public Debt (Textual)
Interest rate of notes (percent)		6.625%
3.650% Valero Senior Notes due 2051 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)		3.65%
Debt purchased and retired amount		$ 26
Public Debt (Textual)
Interest rate of notes (percent)		3.65%
4.000% Valero Senior Notes due 2052 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)		4%
Debt purchased and retired amount		$ 45
Public Debt (Textual)
Interest rate of notes (percent)		4%
Various Other Valero and Valero Energy Partners LP Senior Notes [Member]
Debt Purchased and Retired
Debt purchased and retired amount		$ 66

Debt, Credit Facilities (Detail

Debt, Credit Facilities (Details) - USD ($)		3 Months Ended	9 Months Ended
		Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility
Increase in noncontrolling interest, conversion of IEnova Revolver debt to equity		$ 457,000,000	$ 457,000,000
Valero Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount			4,000,000,000
Outstanding borrowings, long term			0
Availability			3,998,000,000
Valero Revolver, Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]		2,000,000
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount			1,300,000,000
Outstanding borrowings, short-term			0
Availability			1,300,000,000
DGD Revolver [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount	[2],[3]		400,000,000
Outstanding borrowings, long term	[2],[3]		0
Availability	[2],[3]		340,000,000
Interest rate at period end (percent)				7.201%
DGD Revolver, Letter of Credit [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Letters of credit issued	[1],[2],[3]		60,000,000
DGD Loan Agreement [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Valero Energy Corporation [Member]
Line of Credit Facility
Facility amount	[2],[4]		100,000,000
Outstanding borrowings, long term	[2],[4]		0
Availability	[2],[4]		100,000,000
IEnova Revolver [Member] | Credit Facilities [Member] | Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount	[2],[5]		830,000,000
Outstanding borrowings, long term	[2],[5]		329,000,000
Availability	[2],[5]		$ 501,000,000
Interest rate at period end (percent)			9.182%	9.245%
Debt conversion, debt amount converted		$ 457,000,000	$ 457,000,000
Uncommitted Letter of Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]		$ 95,000,000
[1] Letters of credit issued as of September 30, 2024 expire at various times in 2024 through 2026. Creditors of the VIEs do not have recourse against us. The variable interest rate on the unsecured revolving credit facility with a syndicate of financial institutions (the DGD Revolver) was 7.201 percent as of December 31, 2023. The amounts shown for DGD’s unsecured revolving loan agreement with its members (the DGD Loan Agreement) represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation. Central Mexico Terminals (defined in Note 6) has an unsecured revolving credit facility (the IEnova Revolver) with IEnova (defined in Note 6). During the three months ended March 31, 2024, IEnova converted $457 million of outstanding borrowings under this facility to additional equity in Central Mexico Terminals, which resulted in an increase in the noncontrolling interest related to IEnova. The variable interest rate on the IEnova Revolver was 9.182 percent and 9.245 percent as of September 30, 2024 and December 31, 2023, respectively.

Debt, Activity Under Credit Fac

Debt, Activity Under Credit Facilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable Sales Facility [Member] | Line of Credit [Member]
Line of Credit Facility
Borrowings, short-term credit facilities	$ 5,200	$ 1,750
Repayments, short-term credit facilities	(5,200)	(1,750)
DGD Revolver [Member] | Line of Credit [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Borrowings, long-term credit facilities	150	500
Repayments, long-term credit facilities	(400)	(400)
DGD Loan Agreement [Member] | Line of Credit [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Borrowings, long-term credit facilities	100	0
Repayments, long-term credit facilities	(100)	(25)
IEnova Revolver [Member] | Line of Credit [Member] | Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Borrowings, long-term credit facilities	23	86
Repayments, long-term credit facilities	$ 0	$ (55)

Debt, Interest Incurred (Detail

Debt, Interest Incurred (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 145	$ 153	$ 438	$ 456
Less: Capitalized interest	4	4	17	13
Interest and debt expense, net of capitalized interest	$ 141	$ 149	$ 421	$ 443

Equity, Narrative (Details)

Equity, Narrative (Details) - $ / shares		3 Months Ended		9 Months Ended
	Oct. 29, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Member]
Equity (Textual)
Dividends declared, amount per share (in usd per share)	$ 1.07
Treasury Stock [Member]
Equity (Textual)
Purchases of common stock for treasury (in shares)		3,798,836	12,805,162	17,054,864	32,219,955

Equity, Stock Related Disclosur

Equity, Stock Related Disclosures (Details) - USD ($)	Sep. 30, 2024	Sep. 19, 2024	Feb. 22, 2024	Sep. 15, 2023
Stock Purchase Program, Approved September 2023 [Member]
Class of Stock [Line Items]
Authorized amount under stock purchase programs				$ 2,500,000,000
Remaining amount authorized under stock purchase program	$ 0
Stock Purchase Program, Approved February 2024 [Member]
Class of Stock [Line Items]
Authorized amount under stock purchase programs			$ 2,500,000,000
Remaining amount authorized under stock purchase program	2,080,000,000
Stock Purchase Program, Approved September 2024 [Member]
Class of Stock [Line Items]
Authorized amount under stock purchase programs		$ 2,500,000,000
Remaining amount authorized under stock purchase program	$ 2,500,000,000

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	$ 28,250	$ 27,994	$ 28,524	$ 25,468
Other comprehensive income (loss)	364	(393)	15	0
Balance as of end of period	28,000	28,057	28,000	28,057
Accumulated Other Comprehensive Loss [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(1,172)	(971)	(870)	(1,359)
Other comprehensive income (loss) before reclassifications	359	(392)	86	51
Amounts reclassified from accumulated other comprehensive loss	(21)	40	(49)	(18)
Effect of exchange rates	4	(2)	3	1
Other comprehensive income (loss)	342	(354)	40	34
Balance as of end of period	(830)	(1,325)	(830)	(1,325)
Foreign Currency Translation Adjustment [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(993)	(774)	(735)	(1,168)
Other comprehensive income (loss) before reclassifications	326	(315)	68	79
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Effect of exchange rates	0	0	0	0
Other comprehensive income (loss)	326	(315)	68	79
Balance as of end of period	(667)	(1,089)	(667)	(1,089)
Defined Benefit Plans Items [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(170)	(193)	(162)	(183)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive loss	(5)	(7)	(12)	(20)
Effect of exchange rates	4	(2)	3	1
Other comprehensive income (loss)	(1)	(9)	(9)	(19)
Balance as of end of period	(171)	(202)	(171)	(202)
Gains (Losses) on Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(9)	(4)	27	(8)
Other comprehensive income (loss) before reclassifications	33	(77)	18	(28)
Amounts reclassified from accumulated other comprehensive loss	(16)	47	(37)	2
Effect of exchange rates	0	0	0	0
Other comprehensive income (loss)	17	(30)	(19)	(26)
Balance as of end of period	$ 8	$ (34)	$ 8	$ (34)

Variable Interest Entities (Det

Variable Interest Entities (Details) (Narrative)	Sep. 30, 2024 subsidiary plant
Diamond Green Diesel Holdings LLC (DGD) [Member]
Variable Interest Entity (Textual)
Number of renewable diesel plants owned by joint venture | plant	2
Central Mexico Terminals [Member]
Variable Interest Entity (Textual)
Number of subsidiaries | subsidiary	3

Variable Interest Entities (D_2

Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 5,184	$ 5,424
Property, plant, and equipment, net	29,681	30,209
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	15,298	16,802
Debt and finance lease obligations, less current portion	9,790	10,118
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents	218	260
Other current assets	1,500	1,577
Property, plant, and equipment, net	4,541	4,512
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	725	1,443
Debt and finance lease obligations, less current portion	649	669
Diamond Green Diesel Holdings LLC (DGD) [Member]
Assets
Cash and cash equivalents	196	237
Other current assets	1,453	1,520
Property, plant, and equipment, net	3,823	3,772
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	369	616
Debt and finance lease obligations, less current portion	649	669
Central Mexico Terminals [Member]
Assets
Cash and cash equivalents	0	0
Other current assets	9	11
Property, plant, and equipment, net	651	665
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	352	808
Debt and finance lease obligations, less current portion	0	0
Other VIEs [Member]
Assets
Cash and cash equivalents	22	23
Other current assets	38	46
Property, plant, and equipment, net	67	75
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	4	19
Debt and finance lease obligations, less current portion	$ 0	$ 0

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 28	$ 28	$ 84	$ 84
Interest cost	31	30	94	90
Expected return on plan assets	(54)	(50)	(161)	(151)
Amortization of:
Net actuarial gain	(1)	(2)	(4)	(5)
Prior service credit	(3)	(5)	(8)	(14)
Settlement loss	5	0	5	0
Net periodic benefit cost	6	1	10	4
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	1	1	3	3
Interest cost	3	3	9	9
Expected return on plan assets	0	0	0	0
Amortization of:
Net actuarial gain	(1)	(1)	(3)	(4)
Prior service credit	0	(1)	0	(3)
Settlement loss	0	0	0	0
Net periodic benefit cost	$ 3	$ 2	$ 9	$ 5

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings per common share:
Net income attributable to Valero stockholders	$ 364	$ 2,622	$ 2,489	$ 7,633
Less: Income allocated to participating securities	1	8	7	24
Net income available to common stockholders	$ 363	$ 2,614	$ 2,482	$ 7,609
Weighted-average common shares outstanding (in shares)	318	349	324	359
Earnings per common share (in dollars per share)	$ 1.14	$ 7.49	$ 7.66	$ 21.22
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$ 364	$ 2,622	$ 2,489	$ 7,633
Less: Income allocated to participating securities	1	8	7	24
Net income available to common stockholders	$ 363	$ 2,614	$ 2,482	$ 7,609
Weighted-average common shares outstanding (in shares)	318	349	324	359
Effect of dilutive securities (in shares)	0	0	0	0
Weighted-average common shares outstanding – assuming dilution (in shares)	318	349	324	359
Earnings per common share – assuming dilution (in dollars per share)	$ 1.14	$ 7.49	$ 7.66	$ 21.21

Revenues and Segment Informat_3

Revenues and Segment Information, Contract Balances (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Schedule of Contract Balances
Receivables from contracts with customers, included in receivables, net	$ 5,839	$ 7,209
Contract liabilities, included in accrued expenses	$ 57	$ 40

Revenues and Segment Informat_4

Revenues and Segment Information, Components of Operating Income (Loss) (Details) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Information for our Reportable Segments
Revenues	[1]	$ 32,876	$ 38,404	$ 99,125	$ 109,352
Cost of sales:
Cost of materials and other	[2]	29,965	32,385	88,590	91,820
Operating expenses (excluding depreciation and amortization expense reflected below)		1,482	1,578	4,317	4,495
Depreciation and amortization expense		675	671	2,042	1,979
Total cost of sales		32,122	34,634	94,949	98,294
Other operating expenses		3	6	40	18
General and administrative expenses (excluding depreciation and amortization expense reflected below)		234	250	695	703
Depreciation and amortization expense		10	11	34	32
Operating income		507	3,503	3,407	10,305
Other income, net		123	122	389	357
Interest and debt expense, net of capitalized interest		(141)	(149)	(421)	(443)
Income before income tax expense		489	3,476	$ 3,375	10,219
Segment Information (Textual)
Number of reportable segments | segment				3
Corporate and Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(831)	(990)	$ (2,594)	(3,165)
Cost of sales:
Operating income		(246)	(262)	(732)	(760)
Corporate [Member]
Segment Information for our Reportable Segments
Revenues		0	0	0	0
Cost of sales:
General and administrative expenses (excluding depreciation and amortization expense reflected below)		234	250	695	703
Depreciation and amortization expense		10	11	34	32
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(831)	(990)	(2,594)	(3,165)
Cost of sales:
Cost of materials and other	[2]	(828)	(991)	(2,588)	(3,143)
Operating expenses (excluding depreciation and amortization expense reflected below)		1	3	1	6
Depreciation and amortization expense		(2)	(1)	(4)	(3)
Total cost of sales		(829)	(989)	(2,591)	(3,140)
Other operating expenses		0	0	0	0
Refining [Member]
Segment Information for our Reportable Segments
Revenues		31,332	36,521	94,519	102,924
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		31,335	36,529	94,527	102,932
Cost of sales:
Cost of materials and other	[2]	28,922	31,115	85,528	87,398
Operating expenses (excluding depreciation and amortization expense reflected below)		1,256	1,366	3,659	3,832
Depreciation and amortization expense		589	597	1,793	1,751
Total cost of sales		30,767	33,078	90,980	92,981
Other operating expenses		3	6	13	17
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income		565	3,445	3,534	9,934
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		3	8	8	8
Renewable Diesel [Member]
Segment Information for our Reportable Segments
Revenues		632	759	1,888	2,990
Renewable Diesel [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		1,225	1,431	3,820	5,357
Cost of sales:
Cost of materials and other	[2]	1,029	1,169	3,025	4,143
Operating expenses (excluding depreciation and amortization expense reflected below)		92	84	262	274
Depreciation and amortization expense		69	55	196	172
Total cost of sales		1,190	1,308	3,483	4,589
Other operating expenses		0	0	0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income		35	123	337	768
Segment Information (Textual)
Blender's tax credit		313	266	952	900
Renewable Diesel [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		593	672	1,932	2,367
Ethanol [Member]
Segment Information for our Reportable Segments
Revenues		912	1,124	2,718	3,438
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		1,147	1,434	3,372	4,228
Cost of sales:
Cost of materials and other	[2]	842	1,092	2,625	3,422
Operating expenses (excluding depreciation and amortization expense reflected below)		133	125	395	383
Depreciation and amortization expense		19	20	57	59
Total cost of sales		994	1,237	3,077	3,864
Other operating expenses		0	0	27	1
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income		153	197	268	363
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ 235	$ 310	$ 654	$ 790
[1] Includes excise taxes on sales by certain of our foreign operations of $1,539 million and $1,468 million for the three months ended September 30, 2024 and 2023, respectively, and $4,382 million and $4,339 million for the nine months ended September 30, 2024 and 2023, respectively. Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $313 million and $266 million for the three months ended September 30, 2024 and 2023, respectively, and $952 million and $900 million for the nine months ended September 30, 2024 and 2023, respectively.

Revenues and Segment Informat_5

Revenues and Segment Information, Disaggregation of Revenue by Product (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue by Segment
Revenues	[1]	$ 32,876	$ 38,404	$ 99,125	$ 109,352
Refining [Member]
Revenue by Segment
Revenues		31,332	36,521	94,519	102,924
Refining [Member] | Gasoline and Blendstocks [Member]
Revenue by Segment
Revenues		14,361	17,025	43,004	47,302
Refining [Member] | Distillates [Member]
Revenue by Segment
Revenues		13,855	16,392	42,286	47,222
Refining [Member] | Other Product Revenues [Member]
Revenue by Segment
Revenues		3,116	3,104	9,229	8,400
Renewable Diesel [Member]
Revenue by Segment
Revenues		632	759	1,888	2,990
Renewable Diesel [Member] | Renewable Diesel [Member]
Revenue by Segment
Revenues		610	739	1,829	2,864
Renewable Diesel [Member] | Renewable Naphtha [Member]
Revenue by Segment
Revenues		22	20	59	126
Ethanol [Member]
Revenue by Segment
Revenues		912	1,124	2,718	3,438
Ethanol [Member] | Ethanol [Member]
Revenue by Segment
Revenues		685	861	1,985	2,522
Ethanol [Member] | Distillers Grains [Member]
Revenue by Segment
Revenues		$ 227	$ 263	$ 733	$ 916
[1] Includes excise taxes on sales by certain of our foreign operations of $1,539 million and $1,468 million for the three months ended September 30, 2024 and 2023, respectively, and $4,382 million and $4,339 million for the nine months ended September 30, 2024 and 2023, respectively.

Revenues and Segment Informat_6

Revenues and Segment Information, Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Total Assets by Reportable Segment
Reportable segment assets	$ 60,382	$ 63,056
Corporate and Eliminations [Member]
Total Assets by Reportable Segment
Reportable segment assets	6,586	6,686
Refining [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	46,546	49,031
Renewable Diesel [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	5,761	5,790
Ethanol [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,489	$ 1,549

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Decrease (increase) in current assets:
Receivables, net		$ 1,382	$ (709)
Inventories		574	(720)
Prepaid expenses and other		265	(40)
Increase (decrease) in current liabilities:
Accounts payable		(1,081)	656
Accrued expenses		(93)	(31)
Taxes other than income taxes payable		(114)	(222)
Income taxes payable		(138)	(629)
Changes in current assets and current liabilities		795	(1,695)
Cash flows related to interest and income taxes
Interest paid in excess of amount capitalized, including interest on finance leases		374	372
Income taxes paid, net		835	3,098
Operating cash flows
Operating Leases		392	316
Finance Leases		87	81
Financing cash flows
Finance Leases		173	190
Changes in lease balances resulting from new and modified leases, operating leases		346	343
Changes in lease balances resulting from new and modified leases, finance leases		312	$ 84
Supplemental Cash Flow Information (Textual)
Increase in noncontrolling interest, conversion of IEnova Revolver debt to equity	$ 457	457
Variable Interest Entity, Primary Beneficiary [Member] | IEnova Revolver [Member] | Line of Credit [Member] | Central Mexico Terminals [Member]
Supplemental Cash Flow Information (Textual)
Debt conversion, debt amount converted	$ 457	$ 457

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Investments in AFS debt securities	$ 26	$ 111
Total gross fair value, assets	1,067	994
Effect of counterparty netting	(824)	(642)
Effect of cash collateral netting	(54)	(66)
Net carrying value on balance sheet, assets	189	286
Liabilities
Blending program obligations	30	58
Total gross fair value, liabilities	919	714
Effect of counterparty netting	(824)	(642)
Effect of cash collateral netting	(59)	(1)
Net carrying value on balance sheet, liabilities	36	71
Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	89	80
Commodity Contracts [Member]
Assets
Derivative contracts	951	803
Effect of counterparty netting	(824)	(642)
Effect of cash collateral netting	(54)	(66)
Derivative contracts, net assets	73	95
Cash collateral received not offset	0	0
Liabilities
Derivative contracts	883	643
Effect of counterparty netting	(824)	(642)
Effect of cash collateral netting	(59)	(1)
Derivative contracts, net liabilities	0	0
Cash collateral paid not offset	(55)	(67)
Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting	1
Liabilities
Derivative contracts, not subject to netting	5	6
Foreign Currency Contracts [Member]
Liabilities
Derivative contracts, not subject to netting	1	7
Level 1 [Member]
Assets
Investments in AFS debt securities	1	36
Total gross fair value, assets	1,037	915
Liabilities
Blending program obligations	0	0
Total gross fair value, liabilities	884	650
Level 1 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	85	76
Level 1 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	951	803
Liabilities
Derivative contracts	883	643
Level 1 [Member] | Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting	0
Liabilities
Derivative contracts, not subject to netting	0	0
Level 1 [Member] | Foreign Currency Contracts [Member]
Liabilities
Derivative contracts, not subject to netting	1	7
Level 2 [Member]
Assets
Investments in AFS debt securities	25	75
Total gross fair value, assets	26	75
Liabilities
Blending program obligations	30	58
Total gross fair value, liabilities	35	64
Level 2 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	0	0
Level 2 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0	0
Level 2 [Member] | Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting	1
Liabilities
Derivative contracts, not subject to netting	5	6
Level 2 [Member] | Foreign Currency Contracts [Member]
Liabilities
Derivative contracts, not subject to netting	0	0
Level 3 [Member]
Assets
Investments in AFS debt securities	0	0
Total gross fair value, assets	4	4
Liabilities
Blending program obligations	0	0
Total gross fair value, liabilities	0	0
Level 3 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	4	4
Level 3 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0	0
Level 3 [Member] | Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting	0
Liabilities
Derivative contracts, not subject to netting	0	0
Level 3 [Member] | Foreign Currency Contracts [Member]
Liabilities
Derivative contracts, not subject to netting	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - Fair Value, Nonrecurring [Member] - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Nonrecurring Fair Value Measurements (Textual)
Assets measured at fair value	$ 0	$ 0
Liabilities measured at fair value	$ 0	$ 0

Fair Value Measurements, Financ

Fair Value Measurements, Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financial liabilities:
Debt (excluding finance lease obligations), at carrying amount	$ 8,355	$ 9,218
Level 2 [Member]
Financial liabilities:
Debt (excluding finance lease obligations), at fair value	$ 8,372	$ 9,109

Price Risk Management Activit_3

Price Risk Management Activities (Details) bu in Thousands, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) MBbls bu	Sep. 30, 2023 USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $	[1]	$ 29,965	$ 32,385	$ 88,590	$ 91,820
Renewable and Low-Carbon Fuel Programs [Member]
Price Risk Management Activities (Textual)
Compliance program costs | $		156	$ 438	$ 535	$ 1,200
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Futures, 2024 Maturity [Member] | Short [Member] | Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				3,726
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Futures, 2025 Maturity [Member] | Short [Member] | Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				0
Derivatives Designated as Economic Hedges [Member] | Futures, 2024 Maturity [Member] | Long [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				106,763
Derivatives Designated as Economic Hedges [Member] | Futures, 2024 Maturity [Member] | Long [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				47,650
Derivatives Designated as Economic Hedges [Member] | Futures, 2024 Maturity [Member] | Short [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				96,817
Derivatives Designated as Economic Hedges [Member] | Futures, 2024 Maturity [Member] | Short [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				61,985
Derivatives Designated as Economic Hedges [Member] | Futures, 2025 Maturity [Member] | Long [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				19,548
Derivatives Designated as Economic Hedges [Member] | Futures, 2025 Maturity [Member] | Long [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				465
Derivatives Designated as Economic Hedges [Member] | Futures, 2025 Maturity [Member] | Short [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				16,645
Derivatives Designated as Economic Hedges [Member] | Futures, 2025 Maturity [Member] | Short [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				8,155
Derivatives Designated as Economic Hedges [Member] | Options, 2024 Maturity [Member] | Long [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				300
Derivatives Designated as Economic Hedges [Member] | Options, 2024 Maturity [Member] | Short [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				300
Derivatives Designated as Economic Hedges [Member] | Options, 2025 Maturity [Member] | Long [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				0
Derivatives Designated as Economic Hedges [Member] | Options, 2025 Maturity [Member] | Short [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				0
Derivatives Designated as Economic Hedges [Member] | Physical Contracts, 2024 Maturity [Member] | Long [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				14,333
Derivatives Designated as Economic Hedges [Member] | Physical Contracts, 2025 Maturity [Member] | Long [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				7,873
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 328		$ 328
[1] Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $313 million and $266 million for the three months ended September 30, 2024 and 2023, respectively, and $952 million and $900 million for the nine months ended September 30, 2024 and 2023, respectively.

Price Risk Management Activit_4

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, subject to netting	$ 78	$ 141
Derivative liability, subject to netting	15	34
Derivatives Not Designated as Hedging Instruments [Member]
Fair Values of Derivative Instruments
Derivative asset, total	874	662
Derivative liability, total	874	622
Derivatives Not Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, subject to netting	873	662
Derivative liability, subject to netting	868	609
Derivatives Not Designated as Hedging Instruments [Member] | Physical Purchase Contracts [Member] | Inventories [Member]
Fair Values of Derivative Instruments
Derivative asset, not subject to netting	1	0
Derivative liability, not subject to netting	5	6
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Accrued Expenses [Member]
Fair Values of Derivative Instruments
Derivative asset, not subject to netting	0	0
Derivative liability, not subject to netting	$ 1	$ 7

Price Risk Management Activit_5

Price Risk Management Activities, Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in other comprehensive income (loss)	$ 83	$ (197)	$ 45	$ (71)
Commodity Contracts [Member] | Revenues [Member]
Effect of Derivative Instruments on Income
Gain (loss) reclassified from accumulated other comprehensive loss into income	40	(119)	94	(3)
Commodity Contracts [Member] | Revenues [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	(16)	(2)	(23)	(19)
Commodity Contracts [Member] | Cost of Materials and Other [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	(9)	(48)	(66)	126
Commodity Contracts [Member] | Operating Expenses (Excluding Depreciation and Amortization Expense) [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	0	0	0	1
Foreign Currency Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	$ (17)	$ 19	$ 2	$ (1)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of materials and other	Cost of materials and other	Cost of materials and other	Cost of materials and other